VMware CEO Pat Gelsinger. Photo credit: Cody Glenn/Web Summit via Sportsfile, under Creative Commons license

Cloud computing company VMware has announced its financial results for the second quarter of this year, reporting $2.9 billion in revenue, up 9% year-over-year, and $447 million in net income. Revenue from subscriptions and SaaS for the quarter came at $631 million, up 44% year-over-year. As of the end of July 2020, VMware had $4.7 billion in cash on its balance sheet.

“Our performance in Q2 reflected strength in our Subscription and SaaS product offerings, which grew 44% year-over-year,” VMware’s CFO, Zane Rowe, said in a press statement. “We plan to accelerate certain product initiatives through the remainder of the year, which will further support customers’ digital transformations and grow our Subscription and SaaS product offerings.”

“In these unprecedented times, we delivered solid performance and strong execution in Q1 FY21,” Pat Gelsinger, VMware’s CEO, added.